The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today launches a Call for Evidence (CfE) on the shortening of the settlement cycle. Stakeholders are invited to provide their input by 15 December 2023. The Call for Evidence will help ESMA to assess the costs and benefits of a possible […]
Author Archives: ETE
ESMA publishes second consultation on crypto market rules
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today publishes a second consultation package under the Markets in Crypto-Assets Regulation (MiCA). Stakeholders are encouraged to provide their feedback to this consultation by 14 December 2023. In the documents published today, ESMA is seeking input on five sets of proposed […]
Shine Justice improves disclosure of unbilled disbursements and disbursements funding interest following ASIC review
Following an ASIC review, Shine Justice Limited (Shine) has significantly improved disclosure of the accounting for unbilled disbursements and disbursement funding interest in its 30 June 2023 financial report to provide clarity and transparency over these matters. Previously, Shine did not disclose either the interest expense on its disbursement funding facility or the interest it […]
ASIC bans former insurance adviser for three years
ASIC has banned former insurance adviser John Durant, of Gosford, NSW from providing financial services, controlling an entity that carries on a financial services business, or performing as an officer any function involved in the carrying on of a financial services business for three years, after finding that he is not a fit and proper […]
ESAs publish Joint Committee Work Programme for 2024
The Joint Committee of the European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) publishes today its Work Programme for 2024, outlining the areas of work and planned deliverables in 2024. During the year 2024, the Joint Committee will focus on the following areas: consumer and investor protection, operational resilience, financial conglomerates, and securitisation. […]
Federal Court orders Provide Capital to produce documents
The Federal Court has ordered Provide Nominees Pty Ltd, trading as Provide Capital, to produce documents that it failed to produce, without reasonable excuse, in response to a notice issued by ASIC. ASIC sought the documents and subsequently the orders, as part of an ongoing investigation into Provide Capital. Provide Capital, an investment company, had […]
ASIC appeals Federal Court findings relating to representations made by ACBF Funeral Plans
ASIC has appealed part of the decision of the Federal Court in ASIC’s case against ACBF Funeral Plans Pty Ltd (ACBF) and its parent entity Youpla Group Pty Ltd (Youpla Group) handed down on 5 September 2023 (refer 23-244MR). ASIC had alleged that ACBF represented it was owned or managed by Aboriginal persons when that […]
ESMA to launch Common Supervisory Action on MiFID II sustainability requirements
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, will launch a Common Supervisory Action (CSA) with National Competent Authorities (NCAs) on the integration of sustainability in firms’ suitability assessment” and “product governance processes and procedures in 2024. The goal of the CSA will be to assess the progress made […]
ASIC sues Cigno Australia, BSF Solutions and their directors alleging unlicensed credit activity
ASIC has commenced civil penalty proceedings in the Federal Court against Cigno Australia Pty Ltd, its director Mark Swanepoel and BSF Solutions Pty Ltd and its director, Brenton James Harrison for allegedly providing credit without a licence. The Cigno Australia and BSF ‘No Upfront Charge Loan Model’ provided short-term credit to more than 100,000 consumers […]
APRA and ASIC commence joint administration of the new Financial Accountability Regime
The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have published an information package to support the financial services industry in implementing the Financial Accountability Regime (FAR). The FAR imposes a strengthened responsibility and accountability framework for APRA-regulated entities in the banking, insurance and superannuation industries and their directors as […]